During the past two decades the Australian wine industry boomed, more than doubling its share of global wine output to 5% and expanding exports from less than one tenth to two thirds of total sales. Since 2008, however, things have changed. Several interlinked factors have reversed the trend, leading to oversupply, reduced demand and, not surprisingly, many questions. How can Australian producers best adjust supply and stimulate global demand for Oz wine? Can we realistically expect to regain or increase our peak share of world markets? Do our greatest export prospects now lie in relatively low-priced wines, or in finer wines from distinguished regions?